“Chase business, not funding.” This was Nirmala Reddy’s funding lesson for entrepreneurs attending the funding and investment conference and expo, FundEx, held yesterday at the Riversands Incubation Hub. Reddy is the senior manager of enterprise development at Nedbank.
The need for entrepreneurs to work on their businesses as much as they do accessing funding, was reiterated by the event’s other speakers, including Ran Neu-Ner, co-founder of marketing and advertising group, The Creative Counsel, Aisha Pandor, co-founder of the on-demand home cleaning platform, SweepSouth, Liezl van Staden from Finfind, a financial solutions platform, Gideon Potgieter, business development executive at Resolution Circle, a tech enterprise development company, Mark Hawes a financial consultant at Alexander Forbes, and Nadia Rawjee, director of strategy and finance at Uzenzele Holdings, among others.
Now in its second year, the expo covered everything from the various funding instruments available to entrepreneurs and their implications, how to succeed as a property entrepreneur and government incentives, including the much-talked-about Black Industrialists Programme.
Here are 7 of the biggest takeaways from the expo.
1. Investors ONLY Invest In A Great Product – Gideon Potgieter
One of the biggest challenges of getting funding is poor product development says Gideon Potgieter from Resolution Circle #Fundex2017
— SME South Africa (@SMESouthAfrica) August 17, 2017
2. But, A Product Is Not A Business – Gideon Potgieter
“It’s one thing to have a product, it’s another to build a business.” – Gideon Potgieter #Fundex2017
— SME South Africa (@SMESouthAfrica) August 17, 2017
3. Know What Happens After You Get The Funding – Aisha Pandor
Incubation hubs are not only meant to provide access to funding but to also unpack the implications of funding @aishapandor #FundEx2017
— SME South Africa (@SMESouthAfrica) August 17, 2017
4. All Funds Are Not Made Equal – Nadia Rawjee
Tips for success, by @nadia_rawjee : 1. Know your audience and approach the correct fund for your industry #FundEX2017 @ticketstroom
— Jess (@shortforjessica) August 17, 2017
5. Know What (And Who) Lenders Want – Liezl van Staden
“When you apply for finance put yourself in the shoes of the lender” – Liezl van Staden #FundEx2017
— SME South Africa (@SMESouthAfrica) August 17, 2017
6. Don’ Be Shy To Ask For The Entire Funding Amount You Actually Need – Liezl van Staden
When applying for funding, “ask for the car, not the tire”. Show confidence in your product / service @finfindeasy @ticketstroom #FundEX2017
— Jess (@shortforjessica) August 17, 2017
7. Have An Emergency Fund And Diversify Your Investments – Mark Hawes
“Don’t put all your eggs in one basket,” says Mark Hawes from @AlexanderForbes #FundEX2017
— SME South Africa (@SMESouthAfrica) August 17, 2017
